Nothing’s $10 mn community investment round oversubscribed by 4 times

New Delhi, March 30 (SocialNews.XYZ) London-based consumer tech company Nothing on Wednesday said that over 22,000 people globally have pre-registered over $43 million for its $10 million equity-based community investment round.

Last week, Nothing confirmed plans to launch its first smartphone -- Nothing phone (1) -- that will be powered by Qualcomm's Snapdragon mobile platform.

During the event, the company also announced a $10 million allocation for an upcoming equity-based community investment round at the same valuation as its Series B fundraise co-led by EQT Ventures and C Ventures.

"As of March 29, over 22,000 people have pre-registered over $43 million," Nothing said in a statement.

The $10 million community investment round will go live on April 5 on nothing.tech, it added.

Nothing recently raised $70 million in its Series B funding, co-led by EQT Ventures and C Ventures.

"Having raised $144 million, built a team of over 300 people and secured support from trusted partners like Qualcomm Technologies, Inc, we are ready for the phone (1) to mark the start of change for the sleepy smartphone market," said Carl Pei, Nothing CEO and Co-founder.

"We are also doing a new $10 million round of community investment so that our supporters get the chance to be part of our journey going head to head against the giants of the industry," Pei had said.

Nothing phone (1) with indigenous operating system (OS) will be the company's first smartphone and a second device in the overall product ecosystem of the brand.

Source: IANS